US Is Going Bankrupt: 76% of Income Tax Goes to Interest on Debt
Maura Dowling

As Elon Musk says, the US is headed for bankruptcy. [Kamala strongly backs Joe’s economic plans.]

“Our honest Ph.D. Peter St. Onge explains in the clip that 76% of income tax goes to the interest on the debt. That means three out of every four dollars you currently give the IRS are actually going to China or Wall Street. The numbers come from the US OMB.”

“For the month of June, the US government collected $185 billion in individual income taxes and then spent 140 billion dollars on debt interest.”

If this continues, “the federal government will be paying more in debt interest than it collects an income tax in, oh, about six years and nine months.”

“Income taxes are actually down, which normally only happens in a recession, while the cost to service the national debt has exploded by 33% in a single year thanks to trillion-dollar deficits and rising debt costs. Put them together. In the past 12 months, Washington paid 868 billion dollars in interest alone, on track to hit one trillion 140 billion dollars in the coming year.”

TO AVOID A CATASTROPHE

To avoid a catastrophe, “we would need a fifty percent cut to everything outside Social Security and Medicare Medicaid. Yes, even the military and those top men at Homeland Security. Sadly, 50% cuts are not on the table, meaning it will get worse.”

“It took precisely 192 years for Washington to accumulate its first trillion in national debt. It took us just 100 days to add the last trillion.”

Thanks to FDR and Richard Nixon, “followed by 50 years of politicians with less willpower than a Wall Street banker at a strip club.”

As Elon Musk says, the US is headed for bankruptcy. [Kamala strongly backs Joe’s economic plans.]

“Our honest Ph.D. Peter St. Onge explains in the clip that 76% of income tax goes to the interest on the debt. That means three out of every four dollars you currently give the IRS are actually going to China or Wall Street. The numbers come from the US OMB.”

“For the month of June, the US government collected $185 billion in individual income taxes and then spent 140 billion dollars on debt interest.”

If this continues, “the federal government will be paying more in debt interest than it collects an income tax in, oh, about six years and nine months.”

“Income taxes are actually down, which normally only happens in a recession, while the cost to service the national debt has exploded by 33% in a single year thanks to trillion-dollar deficits and rising debt costs. Put them together. In the past 12 months, Washington paid 868 billion dollars in interest alone, on track to hit one trillion 140 billion dollars in the coming year.”

FDR broke the gold that was backing the dollar in 1933. And Nixon finished it off by banning foreign countries from exchanging dollars for gold. So, the Fed was then able to print unlimited amounts of money, financing unlimited federal deficits.

Watch for more information:<blockquote class="twitter-tweet"><p lang="en" dir="ltr">America is headed for bankruptcy fyi <a href="https://t.co/O6FH5BK4aQ">https://t.co/O6FH5BK4aQ</a></p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1816814086149005495?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

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Maura Dowling, BA, MS, is the owner/operator who has published educational articles and short stories for children and was a copy editor for This Week Magazine.

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